SILK ROAD MEDICAL Reports Strong Q2 FY2023 Earnings Results as of June 30 2023
August 26, 2023
☀️Earnings Overview
SILK ROAD MEDICAL ($NASDAQ:SILK) reported their financial results for the second quarter of FY2023, ending June 30 2023. Total revenue came in at USD 45.3 million, an increase of 36.6% year-on-year. Net income for the quarter was reported as USD -13.5 million, a decrease from the -15.4 million figure reported in the same period last year.
Share Price
On Tuesday, SILK ROAD MEDICAL reported strong earnings results for the second quarter of fiscal year 2023, which ended on June 30, 2023. The company’s stock opened at $22.8 and closed at $22.9, up by 0.3% from its last closing price of 22.8. This represents a significant increase in the company’s market value from the same period last year. The company attributed this strong performance to increased demand for its products and services, as well as improved efficiency and cost cutting measures.
SILK ROAD MEDICAL also credited its focus on research and development and continued investments in technology and innovation for its successful quarter. Overall, SILK ROAD MEDICAL delivering a strong performance for its second quarter of FY2023, with increased revenue, gross profit and net income. The company’s stock rose 0.3% on the news, and investors remain optimistic about the company’s prospects moving forward. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for SILK. More…
| Total Revenues | Net Income | Net Margin |
| 162.87 | -52.88 | -32.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for SILK. More…
| Operations | Investing | Financing |
| -30 | -162.07 | 139.7 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for SILK. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 263.36 | 107.86 | 4.02 |
Key Ratios Snapshot
Some of the financial key ratios for SILK are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 32.7% | – | -28.3% |
| FCF Margin | ROE | ROA |
| -20.4% | -18.4% | -10.9% |
Analysis
At GoodWhale, we provide a comprehensive analysis of SILK ROAD MEDICAL’s financials. Our Risk Rating system evaluates the risk of an investment in terms of its financial and business aspects, and SILK ROAD MEDICAL receives a medium risk rating. For users who want to know more about SILK ROAD MEDICAL’s financials, our automated system has detected 3 risk warnings in the balance sheet, cash flow statement, and financial journal. All of this information is available to registered GoodWhale users. Sign up today to explore SILK ROAD MEDICAL’s financials in more detail and make informed investment decisions. More…
Peers
Its competitors are enVVeno Medical Corp, Bluejay Diagnostics Inc, and Aziyo Biologics Inc.
– enVVeno Medical Corp ($NASDAQ:NVNO)
Veno Medical Corp is a medical device company that develops and commercializes novel solutions for the treatment of venous diseases. The company’s flagship product is the Veno occlusive device, which is used to treat venous insufficiency and venous thromboembolism. Veno Medical Corp has a market cap of 56.36M as of 2022, a Return on Equity of -38.47%. The company’s products are sold in over 30 countries worldwide and it has a strong presence in the United States, Europe, and Asia-Pacific.
– Bluejay Diagnostics Inc ($NASDAQ:BJDX)
Founded in 2014, Bluejay Diagnostics is a medical device company that develops and commercializes products to improve the management of glaucoma, a leading cause of blindness. The company’s flagship product, the Bluejay Ocular Response Analyzer (ORA), is the only FDA-cleared device that measures both intraocular pressure (IOP) and corneal hysteresis (CH), two key parameters in the diagnosis and management of glaucoma. Bluejay’s products are used by ophthalmologists and optometrists in the United States, Europe, and Asia.
As of 2022, Bluejay Diagnostics has a market cap of 15.92M and a Return on Equity of -22.59%.
– Aziyo Biologics Inc ($NASDAQ:AZYO)
Aziyo Biologics Inc. is a biotechnology company that focuses on the development and commercialization of products for the regeneration and repair of human tissues. The company’s product portfolio includes products for the skin, bone, cartilage, and cardiovascular tissue. Aziyo Biologics Inc. is headquartered in San Francisco, California.
Summary
SILK ROAD MEDICAL reported their financial results for the second quarter of FY2023, indicating an impressive 36.6% year-over-year growth in total revenue to USD 45.3 million. There was a slight improvement in net income, however, it still remained in the negative at USD -13.5 million. Investors will be looking at this report closely to analyze the company’s performance and potential for future growth. SILK ROAD MEDICAL’s financial stability, management strategies, competitive outlook, and ability to capitalize on market trends will play a critical role in its long-term success.
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